Asia opens higher in tandem with Wall Street on vaccine hopes

Asian stock indices opened the second session of the week higher in tandem with Wall Street on hopes for a possible vaccine for the coronavirus, which announced hopeful initial results from human trials. 

Earlier Japanese data showed industrial output fell 3.7% as expecred in March, while falling 5.2% y/y. 

From New Zealand, input producer prices fell 0.3% as expected while output prices fell 0.1%. 

Federal Reserve Chair Jerome Powell warned a recession that might continue until late 2021, expecting 20-30% contraction in the current quarter with recovery in the second half of the year. 

He called on Congress to pass more economic stimulus and aid bills, while noting the unemployment could reach a peak of 25%. 

According to World Health Organization data, global infections of Covid 19 reached 4.8 million confirmed cases, with the death toll surpassing 318,000. 

Japan's TOPEX rose 1.67%, while Nikkei 225 climbed 1.85% to 20,505. 

China's CSI 300 advanced 0.99%, as Shanghai gained 0.77% to 2,897. 

Hong Kong's Hang Seng rallied 2.15%, while South Korea's KOSPI advanced 1.84% to 1,972. 

New Zealand's NZX 50 rose 0.87%, while Australia's S&P/ASX 200 powered up 2.09% to 5,574.